Jamaica Deposit Insurance Corporation

The Jamaica Deposit Insurance Corporation (JDIC) is Jamaica's deposit protection agency, founded under the Deposit Insurance Act of 1998 and vested with responsibility for managing the deposit insurance scheme the act established. It functions as a safety net protecting depositors if their bank or other insured financial institution fails or is unable to make payments on deposits, collecting insurance premiums from member financial institutions and using those funds to reimburse depositors when a covered institution fails, with the stated aim of promoting confidence in the financial sector and encouraging savings. As of its most recently published figures the corporation oversaw 11 member institutions, comprising 8 commercial banks, 2 building societies and 1 merchant bank, with maximum coverage of 1.2 million Jamaican dollars per depositor per institution across five account ownership categories.